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PSBs to increase auto loan portfolio

PSBs ardent to increase auto loan portfolio

Apnaloan.com Research Bureau

24 Mar 2008

Public Sector Banks (PSBs)
are offering lower interest rates and organising special campaigns to increase
their auto loans portfolio. This will help revive the demand for auto loans,
which has been slowing down.

While the State Bank of
India (SBI) is organising a special car rally for its customers, the Bank of
India (BoI) and the Union Bank of India (UBI) have reduced interest rates on
car loans.

The average rate of
interest charged by public sector banks for auto loans is 11-12 per cent,
depending on the amount and duration of loan.

SBI's Mumbai zone is
organising a special campaign to promote auto loans from March 1 to April 16.
The highlight of the campaign is a car rally to be held tentatively on April
20, between Mumbai and Lonavala.

The first prize is an all
expense paid week-long trip to Sydney.

All those customers who
avail car loans from SBI's branches in Mumbai and Thane, between March and
April 20, will be eligible to participate in the rally.

UBI is specially
targeting high networth individuals for auto loans, as defaults are usually
less in this segment of customers.

As this segment typically
changes their cars after three years, they buy new models. So, most of them will
prefer to clear off their loans within three years.